Local Business
Thursday, May 14, 2026 · Key Biscayne
Trump-Xi Summit Kicks Off as Trade Data Signals Sharp U.S.-China Decline
President Donald Trump arrived in Beijing on Thursday for a high-stakes summit with Xi Jinping amid plunging bilateral trade figures. China's exports to the U.S. dropped 10.2% in early 2026, fueling market jitters over tariffs, tech rivalries and global supply chains. Investors eye potential deals on soybeans, Boeing jets and a new Board of Trade for stability.
Inflation Surge Lifts 2027 Social Security COLA Forecasts to 4.2%
Surging inflation from gasoline, energy, and produce prices has pushed estimates for Social Security's 2027 cost-of-living adjustment as high as 4.2%, offering potential relief to millions of retirees. Advocacy groups warn benefits still lag behind a 13.7% purchasing power loss since 2016. The official figure hinges on third-quarter data, but early signs point to the biggest boost since 2022.
Thursday, May 14, 2026
Walmart Cuts 1,000 Corporate Jobs in AI-Led Restructuring Push
Walmart announced Tuesday it is cutting or relocating roughly 1,000 corporate positions as the retail giant consolidates its global technology and product divisions under new AI leadership. The move marks the second major restructuring in a year and signals the company's intensified focus on technology-driven operations to compete with Amazon.
Thursday, May 14, 2026
Stock Futures Rise as Nvidia Earnings Ignite Tech Rally
U.S. stock futures climbed Thursday morning, fueled by Nvidia's blowout earnings that crushed Wall Street expectations and eased AI bubble fears. Dow Jones futures gained 0.61%, S&P 500 futures surged 1.19%, and Nasdaq 100 futures jumped 1.51%. Investors now eye whether this momentum sustains amid broader economic signals.
Thursday, May 14, 2026
Cisco Cuts 4,000 Jobs as AI Infrastructure Orders Soar to $9B
Cisco announced nearly 4,000 layoffs on Thursday—less than 5% of its workforce—even as the networking giant posted record quarterly revenue and hyperscaler demand for AI infrastructure nearly tripled year-over-year. CEO Chuck Robbins framed the restructuring as essential to winning in the AI era, redirecting investments toward silicon, optics, and security.
Thursday, May 14, 2026